Canada is set to welcome multiple spot exchange-traded funds (ETFs) that would track the performance of Solana (SOL). 

Bloomberg ETF analyst Eric Balchunas shared the development on Monday, noting that the SOL ETFs will hit the Canadian market on April 16, 2025. 

The anticipated launch comes after the Ontario Securities Commission (OSC) approved multiple issuers to launch spot SOL ETFs in Canada yesterday. 

Notably, the approved issuers include prominent names like 31Q, Purpose Investments, CI Global Asset Management, and Evolve. These financial institutions will issue the spot Solana ETFs later this week. 

Canada’s Spot SOL ETFs Support Staking  

While the ETFs will directly invest in SOL and hold the coin, they will track a different Solana price index. The OSC permits the Solana ETF issuers to stake a portion of the SOL holdings, which could give investors additional returns. 

Balchunas attached a note from Canada-based financial institution TD (Toronto-Dominion) Bank, which claims that the yields from staking SOL may be higher than those generated from Ethereum staking. 

The note characterizes the funds as ‘the world’s first spot Solana ETFs,’ suggesting that the approved products are the first of their kind. 

Solana Futures ETFs Underperform in the US

In a follow-up comment, the Bloomberg analyst highlighted how two separate SOL futures ETFs have fared in the United States. 

Balchunas indicated that the ETFs–Volatility Shares 2x SOL ETF and Volatility Shares SOL ETF–have underperformed massively, seeing little AUM since their debut in March 2025. Both ETFs have a combined AUM of $13.8 million at press time. 

However, the expert noted that a different futures ETF tracking XRP–the Teucrium 2x XRP ETF (XXRP)–has outperformed the AUM of both SOL futures ETFs despite launching after the SOL ETFs.

While he advised his followers not to overinterpret the analysis, Balchunas noted that the comparison marks an early glimpse into the altcoin ETF race. 

US Yet to Approve Spot SOL ETF

In the meantime, prospective spot Solana ETF issuers in the United States are awaiting the SEC’s decision on their applications. Some of the prospective issuers include Grayscale Investments, Bitwise, 21Shares, Canary Capital, Fidelity Investments, and VanEck. 

The U.S. SEC has acknowledged the exchange filings for these ETFs. However, it has not approved any of the products for launch.

Last month, the securities regulator delayed its decision on VanEck Solana Trust ETF, setting a new deadline of May 19, 2025. Whether the SEC will extend this deadline or approve the applications remains to be seen.